Investcom reports net profit of US$207.8 million for 2005

Azmi Mikati, CEO of Investcom told CommsMEA that opportunities that the operator remains interested in at this point in time include the third mobile licence in Saudi Arabia as well as the licensing opportunity in Iraq.

Dubai International Financial Exchange (DIFX)-listed mobile telecoms operator Investcom has reported net profit for 2005 to end-December was up 31% year on year to US$207.8 million. Gross operating revenues during the period amounted to US$903 million, representing a 43% growth rate, while EBITDA reached US$396 million, up 42% year on year. Investcom owns and operates GSM networks, mostly under the Areeba brand, in Syria, Ghana, Yemen, Benin, Liberia, Cyprus, Guinea-Bissau and Sudan, and has also recently been awarded GSM licenses to build and operate mobile networks in Afghanistan and Guinea. The operator counted 4.9 million subscribers at the end of 2005, up 91% from a year earlier. “The expansion of our subscriber base has translated into very strong financial performance for the year. Many of our operations were EBITDA and net income positive in their first year of operation and improving on this level of profitability is something our management team continues to be highly focused on, said Taha Mikati, chairman of Investcom. Azmi Mikati, CEO of Investcom told CommsMEA that opportunities that the operator remains interested in at this point in time include the third mobile licence in Saudi Arabia as well as the licensing opportunity in Iraq.